Reliance Capital gains after board approves independent listing of home finance business

Reliance Capital gains after board approves independent listing of home finance business

Sep 14,2016

The announcement was made yesterday, 13 September 2016, when stock market remained closed on account of Bakri Id.

Meanwhile, the S&P BSE Sensex was down 46.19 points or 0.16% at 28,307.35.

On BSE, so far 6.75 lakh shares were traded in the counter as against average daily volume of 5.01 lakh shares in the past one quarter. The stock hit a high of Rs 561.50 and a low of Rs 546.65 so far during the day. The stock had hit a 52-week high of Rs 574 on 9 September 2016. The stock had hit a 52-week low of Rs 303.60 on 12 February 2016. The stock had outperformed the market over the past one month till 12 September 2016, rising 21.96% compared with 0.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 32.06% as against Sensexs 6.45% rise.

The large-cap company has equity capital of Rs 252.63 crore. Face value per share is Rs 10.

Reliance Capital said the independent listing of Reliance Home Finance (RHF) is expected to unlock substantial value for existing shareholders of Reliance Capital. The listing of Reliance Home Finance will also lead to increased management focus and accelerated growth in the home finance business. As per the proposal, 49% stake in Reliance Home Finance Limited will be allotted to all shareholders of Reliance Capital, in the ratio of one share free of cost in Reliance Home Finance for every one share held in Reliance Capital.

Reliance Capital will hold a 51% stake in Reliance Home Finance, and the company will be adequately capitalised to grow the lending book to over Rs 20000 crore in the next 18 months. The proposal is subject to necessary shareholders and other approvals. Reliance Home Finance, a 100% subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, LAP, construction finance and affordable housing loans. The company reported an AUM of Rs 8259 crore ($1.2 billion) during the quarter ended 30 June 2016.

Mr. Anmol A. Ambani, Director, Reliance Capital said Prime Minister, Narendra Modi has set a goal of affordable housing for all by 2022. There is presently an estimated shortage of 10 crore residential units in India. To address the needs of this sector, Reliance Home Finance has charted an aggressive growth plan in this space, and aims to increase its book size to over Rs 50000 crore in the next few years.

On a consolidated basis, Reliance Capitals net profit rose 3% to Rs 207 crore on 48.3% growth in total income to Rs 3663 crore in Q1 June 2016 over Q1 June 2015.

Reliance Capital, a part of the Reliance Group, is one of Indias leading private sector financial services companies.

Net profit of Grindwell Norton rose 20.02% to Rs 29.49 crore in the quarter ended September 2016 as against Rs 24.57 crore during the previous quarter ended September 2015. Sales rose 12.61% to Rs 309.55 crore in the quarter ended September 2016 as against Rs 274.88 crore during the previous quarter ended September 2015.

Net Loss of Rama Petrochemicals reported to Rs 0.38 crore in the quarter ended September 2016 as against net loss of Rs 0.60 crore during the previous quarter ended September 2015. There were no Sales reported in the quarter ended September 2016 as against Rs 0.22 crore during the previous quarter ended September 2015.

Net profit of Tube Investments of India rose 113.32% to Rs 53.80 crore in the quarter ended September 2016 as against Rs 25.22 crore during the previous quarter ended September 2015. Sales rose 1.19% to Rs 932.10 crore in the quarter ended September 2016 as against Rs 921.11 crore during the previous quarter ended September 2015.

Net profit of Monsanto India reported to Rs 0.89 crore in the quarter ended September 2016 as against net loss of Rs 26.38 crore during the previous quarter ended September 2015. Sales rose 162.57% to Rs 96.10 crore in the quarter ended September 2016 as against Rs 36.60 crore during the previous quarter ended September 2015.

Net profit of Grindwell Norton rose 19.11% to Rs 28.48 crore in the quarter ended September 2016 as against Rs 23.91 crore during the previous quarter ended September 2015. Sales rose 12.97% to Rs 303.54 crore in the quarter ended September 2016 as against Rs 268.68 crore during the previous quarter ended September 2015.

Net Loss of Rainbow Denim reported to Rs 1.63 crore in the quarter ended September 2016 as against net loss of Rs 2.44 crore during the previous quarter ended September 2015. Sales rose 7.25% to Rs 51.77 crore in the quarter ended September 2016 as against Rs 48.27 crore during the previous quarter ended September 2015.

Net profit of Chemfab Alkalis rose 157.82% to Rs 5.44 crore in the quarter ended September 2016 as against Rs 2.11 crore during the previous quarter ended September 2015. Sales rose 25.20% to Rs 31.40 crore in the quarter ended September 2016 as against Rs 25.08 crore during the previous quarter ended September 2015.

Net profit of Berger Paints India rose 111.51% to Rs 161.32 crore in the quarter ended September 2016 as against Rs 76.27 crore during the previous quarter ended September 2015. Sales rose 6.08% to Rs 1017.30 crore in the quarter ended September 2016 as against Rs 958.96 crore during the previous quarter ended September 2015.

Net profit of Cosmo Films rose 21.72% to Rs 27.12 crore in the quarter ended September 2016 as against Rs 22.28 crore during the previous quarter ended September 2015. Sales declined 5.38% to Rs 364.44 crore in the quarter ended September 2016 as against Rs 385.16 crore during the previous quarter ended September 2015.

Net profit of Cosmo Films rose 1.64% to Rs 21.12 crore in the quarter ended September 2016 as against Rs 20.78 crore during the previous quarter ended September 2015. Sales declined 7.21% to Rs 403.62 crore in the quarter ended September 2016 as against Rs 434.98 crore during the previous quarter ended September 2015.

Net profit of Berger Paints India rose 55.36% to Rs 138.78 crore in the quarter ended September 2016 as against Rs 89.33 crore during the previous quarter ended September 2015. Sales rose 7.48% to Rs 1142.14 crore in the quarter ended September 2016 as against Rs 1062.63 crore during the previous quarter ended September 2015.

Net profit of Geojit BNP Paribas Financial Services rose 10.39% to Rs 13.71 crore in the quarter ended September 2016 as against Rs 12.42 crore during the previous quarter ended September 2015. Sales rose 12.44% to Rs 69.23 crore in the quarter ended September 2016 as against Rs 61.57 crore during the previous quarter ended September 2015.

Rupee closed lower on Thursday (03 November 2016) at 66.74/75 per dollar, versus its previous close of 66.6829/6980 per dollar.

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